RBC Wealth Management-U.S. has created a division focused exclusively on preventing and identifying cases where clients may become victims of financial fraud or abuse.

The Client Risk Prevention Division is "an effort designed to better arm employees with the resources and training to prevent, detect and report suspected financial abuse," the company said in a press release on Thursday.

The Minneapolis-based firm, a division of RBC Capital Markets, also announced it has become the first sponsor of SIFMA’s Senior Investor Protection Toolkit initiative, whose aim is to serve as an educational resource in the fight against the financial abuse of senior citizens.

RBC’s sponsorship will provide special support for distribution in the Minnesota, Texas, California, New York City and Washington, D.C., markets, the company said.

RBC Wealth Management has $344 billion in AUM and about 1,800 financial advisors in 200 locations in 42 states. 

“Anyone can become the target of financial fraud,” said Michael Armstrong, CEO of RBC Wealth Management-U.S. “Despite the prevalence, it’s not something that most people want to talk about. But open conversations about the risks, the signs and what we can all do to prevent financial abuse are critical to addressing the issue. In launching the Client Risk Protection Division and sponsoring SIFMA’s new toolkits, we hope to open that dialogue not only with our clients, but with the broader community.”

The new division will go beyond fulfilling rules recently enacted by Finra aimed at protecting clients from financial exploitation, according to the press release, which cited SIFMA figures that estimate financial exploitation costs Americans almost $3 billion each year.

"In addition to receiving robust and proactive training and resources to help to them root out and combat this abuse, RBC financial advisors will integrate these topics into their interaction with clients, including annual reviews and the wealth planning process," the release said. "The team will also work with the broader communities where RBC’s advisors live and work, creating new partnerships with community resource groups and local law enforcement agencies, with the goal of sharing knowledge and building awareness."